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Cannon Futures Weekly Letter Issue # 1197
In this issue:
- Important Notices – FOMC is the main event
- Futures 101 – 5 Things You Need to Know About Soybeans 2024
- Hot Market of the Week – July Class III Milk
- Market Scanner – For Monday June 10th
- Broker’s Trading System of the Week – Crude Oil Day Trading System
- Trading Levels for Next Week
- Trading Reports for Next Week
Important Notices – Next Week Highlights:
- Monday starts quietly
- Tuesday FOMC Meeting begins. Oracle announces Earnings after the close.
- Heavy Wednesday! CPI Pre-Market, WASDE and Crop Production, FOMC Rate Decision, Chairman Powell presser, Broadcom Earnings after the close
- Thursday, the data keeps rolling; Jobless Claims, Producer Price Index, NY FED President Williams speaks, Adobe earnings after the close
- Friday Michigan consumer Sentiment, Chicago Fed President Goolsbee speaks.
- Monitor Open interest and Volume between June (M) indices and September (U) Look to begin trading September the following Monday.
Futures 101 :
Five Things to Watch in the Soybean Market in 2024
By AgResource
The opinions expressed in this report are those of AgResource and are considered market commentary. They are not intended to act as investment recommendations. Full disclaimers are available at the end of this report.
HIGHLIGHTS
- Actual size of 2024 Brazilian crop
- Expanding U.S. biofuel production: Does it require additional soybean oil supplies?
- World soybean trade to be impacted by politics
- Growth in Brazilian soybean production in 2025
- La Nina and Argentina
Actual size of 2024 Brazilian crop
There’s currently no consensus on the size of Brazilian soybean production in 2024. South America’s surplus will be large in almost any scenario, but there’s currently a discrepancy of 6.3 million tons between the Brazilian government (CONAB), which projects production at 147.7 million tons, and USDA, which estimates production at 154 million. Some in the trade are still forecasting Brazilian soybean production in 2024 at 140 million tons or less, and some forecast production above 155 million tons.
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Hot Market of the Week – July Class III Milk
Hot market of the week is provided by QT Market Center, A Swiss army knife charting package that’s not just for Hedgers, Cooperatives and Farmers alike but also for Spread traders, Swing traders and shorter time frame application for intraday traders with a unique proprietary indicator that can be applied to your specific trading needs.
July Class III Milk
The July milk chart satisfied its third upside PriceCount objective last month and has developed a sideways consolidation trade. At this point, IF you can extend the rally with new sustained highs, we are left with the low percentage fourth count to aim for in the 24.75 area.
PriceCounts – Not about where we’ve been , but where we might be going next!
The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. Learn more at www.qtchartoftheday.com
Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.
Market Scanner
If you are a day trader, below you will see markets that our proprietary ALGO has identified as being more suitable for attacking either from the long side or the short side for the next trading session.
Broker’s Trading System of the Week
With algorithmic trading systems becoming more prevalent in portfolio diversification, the following system has been selected as the broker’s choice for this month.
Balance Cont. V2 Copper
PRODUCT
SYSTEM TYPE
Swing
Recommended Cannon Trading Starting Capital
$20,000
COST
USD 150 / monthly
The performance shown above is hypothetical in that the chart represents returns in a model account. The model account rises or falls by the average single contract profit and loss achieved by clients trading actual money pursuant to the listed system’s trading signals on the appropriate dates (client fills), or if no actual client profit or loss available – by the hypothetical single contract profit and loss of trades generated by the system’s trading signals on that day in real time (real‐time) less slippage, or if no real time profit or loss available – by the hypothetical single contract profit and loss of trades generated by running the system logic backwards on back adjusted data. Please read full disclaimer HERE.
Daily Levels for June 10th 2024
Trading Reports for Next Week
First Notice (FN), Last trading (LT) Days for the Week:
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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.